Word: cea
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...member of Nixon's Council of Economic Advisers, calculates that if full employment is to be reached on schedule, real gross national product-not counting price increases-must grow at an annual rate of 6%. His estimate closely parallels the view of Democrat Walter Heller, a former CEA chairman. Said Heller last week: "I am happy to see that they are starting to catch up with our arithmetic." The economy is far away from Stein's goal. Real G.N.P. rose only 1.4% in this year's third quarter, and it may decline in the current quarter...
...Federal Reserve Board Chairman Arthur Burns opposed controls but favored an ''incomes policy" under which the Government would establish, but not enforce, wage-price guidelines. Labor Secretary George Shultz and Herbert Stein, a member of the Council of Economic Advisers, wanted to do nothing at all. CEA Chairman Paul McCracken opposed any plan that would require his staff to police wage-and-price agreements...
...Under Secretary Paul Volcker suggested a voluntary wage-price freeze. Treasury Under Secretary Charls Walker*backed Senator Jacob Javits' original plan to have some group identify and spotlight major inflationary wage-and-price hikes before they take place, but did not feel it was a job for the CEA. Trying to reconcile all this, Speechwriter William Safire wrote ten drafts before a reluctant consensus was reached...
...might anger the President's business supporters. Some economists also dispute the contention that jawboning really works. Inflation, they stress, is caused by loose Government fiscal and monetary policy, which unleashes excessive demand in the economy. Jawboning may hold down prices in individual industries, says Nixon's CEA Chairman Paul McCracken, but that "may only divert inflationary pressure and make other wages and prices rise more...
...greater inequity on the consumer than jawboning does on any union or company. And jawboning need not lead to spectacular White House-industry battles. In 1968, for example, when the Council of Economic Advisers expected auto prices to go up an average $100 per car, Lyndon Johnson's CEA invited General Motors Chairman James Roche to Washington for a private session. G.M. and CEA technicians exchanged figures on how much higher production costs would force G.M. to raise prices on its 1969 models. No explicit promises or threats were made, but G.M. wound up raising prices only an average...